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Bankruptcy or Debt Consolidation: What’s Right for You?

October 14, 2014 Written on Behalf of Joel R. Spivack

When you are faced with mounting debt, and creditors are threatening to garnish your wages or take you to court, it’s easy to feel like there is no way out. Over a million Americans experience this situation every year.

Don’t be embarrassed. Debt happens to good people. If it happens to you, it’s important to know that you have options. Speaking to an experienced bankruptcy lawyer who can explain your options in a confidential, free consultation is the best place to start.

Many people consider debt consolidation because they see and hear commercials on TV and radio. This is not always a great choice.

When it Comes to Your Financial Situation, What’s Most Important to You?

If you’re looking for a fresh start, bankruptcy may very well be the answer. Filing for bankruptcy protection may discharge (most of) your debt, and leave you with a clean slate. Once your debts are discharged, you can slowly begin to rebuild your credit.

Filing for bankruptcy will negatively affect your credit. In addition, your credit report will include your bankruptcy for seven years, no matter how your financial situation improves in that time. That being said, if you are in over your head financially, it’s likely your credit report isn’t stellar today, is it? Getting on the road to better financial health will cut back your stress level, too!

On the other hand, while consolidation may – on the surface – seem like a better option, be careful! If you are in a position to consolidate your debts (your debts are only mildly overdue, and your accounts with creditors are still open), you may be considering working with a consolidation company.

Do your due diligence before signing up with any company. The fees they charge can seriously increase your debt and you may be forced to pay less money over time in a greater number of payments. That’s not always the best way to get your financial house in order and it often will cost you far more than you think.

The Right Attorney Can Help

An experienced attorney like Joel R. Spivack Esq. will help you analyze your personal financial situation, and determine the best course of action for your family so you can get back on the road to good health and start rebuilding your credit as soon as possible.

Client Testimonials

“Mr. Spivack was very helpful in our legal dealings. He would always available and knowledgeable on the subject. He kept the focus on the law and what was required. Mr. Spivack had my family’s best interest as the first priority. Explained every step the procedure and what would be expected. In our hearing, Mr. Spivack...”
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Steve /
Bankruptcy

“Mr. Spivack represented me during my bankruptcy. He provided guidance and support at a very dire time in my life. With Mr. Spivack I did not have to worry about anything but providing him with my information. He walked me through the whole thing, put me at ease and treated me with such dignity at...”
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Jennifer /
Bankruptcy

“Joel was very thorough and made sure we knew what was going on at all times. I felt very comfortable with him handling our financial matter and that he did his best when working our case.”
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Jessica

“My wife and I highly recommend Joel for any bankruptcy case! He is highly knowledgeable and very easy to work with. He and his office are very responsive to any and all questions we had. He responds promptly to all inquiries, even after hours and on weekends on most occasions! There was never a feeling...”
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Michael and Robin /
Bankruptcy

“I was first introduced to Mr. Spivack several years ago when clients of mine filed for personal bankruptcy. Since then I have also experienced first-hand his work ethic, knowledge, timely response & attention to detail with regards to residential real estate transactions. I highly recommend Mr. Spivack & look forward to working with him again!”
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Lisa /
Real Estate

“Joel was so very patient with me during a hard time in my life of losing my husband and then I got ill, he is a world class lawyer who takes the time to know and understand his clients. Thank you so much”
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Berenice /
Bankruptcy

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THE LAW OFFICE OF JOEL R. SPIVACK

The Law Office of Joel R. Spivack in Cherry Hill, New Jersey, provides comprehensive bankruptcy law services to clients throughout the Delaware Valley, including South Jersey and the Philadelphia area, including the communities of Cherry Hill, Trenton, Camden, Burlington, Bordentown, Pennsauken, Collingswood, Marlton, Mt. Laurel, Mt. Holly, Woodbury, Philadelphia and other communities in Burlington County, Mercer County, Camden County, Gloucester County, Somerset County, Salem County, Atlantic County, Cumberland County and Cape May County.